Notable Grant Activity

The blog has taken a back seat over the past few months because my family and I moved to Victoria, British Columbia. During that time, there were some grants that came across my desk that might be worth looking into.

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Rapid7 - NASDAQ: RPD

• 1.125MM PSUs awarded to its CEO based on stock price thresholds (undisclosed).

• JANA Partners is involved here as an activist and has recently signed a nomination agreement with the company.

Ulta Beauty - NASDAQ: ULTA

• Awarded 68,000 options to its CEO vesting based on share price CAGRs of 8-18%. This is in addition to her annual option award, and nearly twice as large.

• Ulta stock recently dropped ~20%.

Invitation Homes - NYSE: INVH

• Gave large retention RSU packages to its top executives which were equivalent to ~1 years worth of equity awards. The stock is currently hitting 5-year lows.

Intrepid Potash - NYSE: IPI

• Entered into Change in Control agreements with the remainder of its executives who didn’t have one (this was buried in the 10-K).

• There are some large active managers in the cap table and on the board (with 13-D’s) who might be setting the table to run a process. Intrepid recently sold-off its least attractive Oilfield Solutions assets for ~10% of its market cap.

Alnylam Pharmaceuticals - NASDAQ: ALNY

• Gave its CEO a large special PSU based on some very high stock price hurdles.

Superior Plus - TSX: SPB

• Adopted a stock option plan in late 2025 based on the board’s renewed focus on share repurchases instead of dividends. This goes against the general trend of moving away from stock options.

• The CEO was granted 1.5MM options at $8.00 on November 24, 2025

“♡ Like” this piece and message me if you have special insights on any of these companies.